Bias: Until we see a lower low the trend remains higher - but take care at 82.53-62
The uptrend continues relentlessly and we now face the 82.59-63 resistance and possibly 83.01-25 for the next barriers. Momentum remains strong and until we get bearish divergences at key resistance levels we should retain a bullish stance. Take care at 82.59-62 -only above extends to the 83.01-25 area and quite probably 83.64.
I feel that as we move higher the trend will be come more and more stretched. However, with the relentlessness of this rally it will be important to identify bearish reversal patterns before attempting to sell into this rally. The areas most at risk of seeing a reversal are at 82.53-62 and 83.64. However, do also note the 83.01-25 area.
15th October: Wait for stronger signs of reversal before contemplating a MT bearish trade here…
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